Image Resources NL (ASX:IMA) is actively and rapidly transitioning from advanced explorer to profitable mining and processing company through the development of its 100%-owned, flag-ship Boonanarring Mineral Sands Project, which is one of the highest-grade, zircon-rich mineral sand deposits in Australia. Boonanarring is located 80km north of Perth, in the infrastructure-rich North Perth Basin in Western Australia.

  • The Company is fully funded through to positive cash-flow forecast to occur at end of 1st QTR 2019;
  • Construction of open-cut mine and processing plant are 75% complete as at the end of September 2018;
  • Project on-track and on-budget for wet commissioning and first production in 4th QTR 2018;
  • Binding off-take agreement in place for 100% of production for life-of-mine.

Project Financial Metrics

  • Project NPV A$235 million1; IRR 125%1; 13-month payback1
  • Metrics expected to strengthen with zircon price rise on 1 October 2018
  • Share price $0.12 (20 Sep 2018)
  • Company market cap. A$114M (20 Sep 2018)
  • Cash A$35M; Debt A$57M; Enterprise value A$136M (31 Aug 2018)
  • Average annual:
  • revenue A$130M; costs A$75M; margin 75%; EBITDA A$56M (years 1-5)
  • Mine-life 8.5 years ore reserves (substantial upside potential)
    Note: 1 – Per updated bankable feasibility study results announced 28 June 2018
    Company transitioning to production when zircon prices are increasing rapidly and supply/demand forecast strongly indicating supply shortages through to at least 2023.
  • Primary product is zircon; representing >70% of total revenue;
    Upside Potential
  • Boonanarring and Atlas development projects ore reserves expandable;
  • Multiple 100%-owned mineral sands projects/prospects in current portfolio in same area with historic mineral resources and mineralised extents open for expansion;
  • Potential mineral sands royalty from major producer in area.

Image Resources Plans & Latest Developments:

Image Resources is focused on construction and commissioning of its flagship Boonanarring Mineral Sands Project located 80 kilometres north of Perth, Western Australia. Boonanarring is one of the highest HM grade, zircon-rich mineral sands deposit in Australia. It is fully permitted, requires project capital costs of only AU$52M, and has a construction period of only six months. The Company owns the processing equipment to make an HMC product, and the land covering the first two years of mining and the location of the processing plant. The Company has a binding off-take agreement for 100% of HMC production for the life of mine.

Board of Directors / Management / Major Shareholders:

The Board of Image has many years of combined experience in mineral sands mining, processing, sales and marketing, with a special focus on zircon and zircon processing into final products. The management team also has many years of mineral sands mining and processing experience and in particular with the use of the plant and equipment to be incorporated into the Boonanarring Project. The largest shareholder is Murray Zircon Pty Ltd, a former mineral sans mining company located in South Australia. The shareholder base is very supportive of developing Boonanarring.

Why should investors invest in you?

A key reason to invest in Image Resources is share price growth on the back of a rapidly recovering mineral sands commodity market, especially for zircon which constitutes 70% of total revenue from the Boonanarring Project. The company also has plans to develop a second operating centre on one of its other deposits.

Stock Exchange Listing:


Primary Commodity:

Mineral Sands

Stage of Production:


Countries of Operation:


Image Resources (ASX:IMA) will be presenting their mining projects to prospective investors at Mines and Money Asia. Claim your complimentary investor pass now.